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Gal-Erdene

Update on Gal-Erdene

Mr. Gal-Erdene, 43 years old, lives with his wife and two children in Ulaanbaatar, capital city of Mongolia.

He began building a house in 2012 and, in autumn, his family moved into the house. Using his previous loan, he managed to purchase and install double-glazed windows into house, thus reducing heat loss through its windows.

His main family income comes from a taxi service he provides, using his automobile, and a salary his wife receives by teaching at kindergarten.

Now, he is requesting a loan of MNT 3,500,000 to purchase fiberglass, cement, foam, and hardwood flooring. Using those items, he wants to insulate his house in order to make his house a more comfortable and warm place.

In three months, the winter will come and it is known for its harsh and chilling character. His disabled son should maintain his health by living in a warmer place and getting one flu is critical for his life.

The borrower is a very hard-working individual who strives for a better future, for the sake of his children and his wife.

Previous Loan Details

Mr. Gal-Erdene, 42, lives with his wife and two children in the ger district of Ulaanbaatar, the capital city of Mongolia, an area of the city with no running water, minimal roads and spotty electricity. Gal-Erdene has has been running a taxi around the districts of Ulaanbaatar since June of 2011... More from Gal-Erdene's previous loan »

Additional Information

More information about this loan

This loan is part of Credit Mongol's green loan program,  which helps clients to gain access to electricity through solar panel kits, as well as other products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.

About Credit Mongol

Credit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Mongolia

  • $2,175
    Average annual income
  • 6
    View loans »
    Mongolia Loans Fundraising
  • $15,337,175
    Funds lent in using Kiva
  • 1,527.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,300 helped Gal-Erdene to purchase fiberglass, cement, foam, and hardwood flooring.
93% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 8, 2013
Listed
Aug 14, 2013
Currency Exchange Loss:
Possible
Ended:
Feb 17, 2015